Europe & Africa Market Update 21 Nov 2025

Benchmark bunker prices in key European and African ports have declined, and rough weather is forecast off Malta during the weekend.

IMAGE: Tankers during a bunker operation off Malta. Getty Images

Changes on the day to 09.00 GMT today:

• VLSFO prices down in Gibraltar ($11/mt), Durban ($7/mt) and Rotterdam ($3/mt)
• LSMGO prices down in Rotterdam ($15/mt) and Gibraltar ($6/mt)
• HSFO prices down in Rotterdam, Durban ($10/mt) and Gibraltar ($7/mt)
• Rotterdam B30-VLSFO premium over VLSFO down by $12/mt to $278/mt
• Gibraltar B30-VLSFO premium over VLSFO down by $17/mt to $340/mt

Benchmark fuel prices in three major ports have fallen over the past day, tracking the fall in Brent.

Rotterdam's VLSFO price drop has been cushioned by a higher-priced 150-500 mt stem fixed at $424/mt.

Gibraltar’s VLSFO has fallen the most among the three ports, with a 500-1,500 mt stem fixed at a low price of $457/mt putting additional downward pressure on the benchmark.

Meanwhile, Malta's LSMGO price has fallen by $35/mt in a single session, almost six times the drop seen in Gibraltar. Malta's discount to Gibraltar has gone from $11/mt to $40/mt.

A lower-priced 150-500 mt stem fixed at $760/mt in off Malta has weighed on its benchmark.

Bunker demand has been low off Malta this week, with traders reporting limited enquiries. Fuel availability is normal with 1-3 days of notice sufficient to secure supplies, a trader said.

Rough westerly winds exceeding 25 knots and waves over 2 metres are forecast around Malta during the weekend, which may disrupt some bunkering operations and cause delays. Bunkering Areas 3, 4 and 6 are most exposed to winds from that direction.

Some sources have confirmed that the weather is an issue, with one supplier carrying out deliveries in Area 1, which is relatively sheltered from the rough weather.

Brent

The front-month ICE Brent contract has fallen $1.37/bbl lower on the day, to trade at $62.56/bbl at 09.00 GMT.

Upward pressure:

The latest weekly figures from the US Energy Information Administration (EIA) have offered some support to Brent.

The EIA data showed commercial crude inventories falling by 3.4 million bbls to 424 million for the week ending 14 November. A US crude stock draw typically indicates higher demand.

“[US] Refiners also increased run rates, leading to stronger crude oil inputs,” two analysts from ING Bank said.

Downward pressure:

Brent crude has come under renewed downward pressure following reports that Ukrainian President Volodymyr Zelensky has agreed to coordinate with Washington on a peace plan.

The US Army Secretary Dan Driscoll met President Zelensky yesterday, to discuss Washington’s new 28-point peace framework.

Yesterday was also the day when US sanctions on Russian oil companies Rosneft and Lukoil officially took effect.

Oil market analysts say these developments could eventually pave the way for easing sanctions on Russian crude, which could add more barrels to an already oversupplied market.

“Crude futures were under a stronger downward momentum early Friday after settling marginally lower as the US-led diplomatic push on Ukraine gathered pace,” Vanda Insights’ founder Vandana Hari said.

By Nachiket Tekawade and Aparupa Mazumder

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